Brought to account

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Analysis: US proxy process under scrutiny – ESG under threat?

first_imgSEC chairman Jay ClaytonHe asked those developing the roundtable agenda to consider topics such as:“Empty voting” and the potential for broker-dealers to vote more or fewer shares than authorised, and possible remedies;Whether a relatively low degree of share voting by retail investors should be “of concern and should inform analysis of existing regulation”;The appropriateness of minimum ownership thresholds for submitting shareholder proposals and rules permitting companies to omit resubmitted proposals; andPotentially excessive and harmful reliance on proxy advisory firms by investors.According to the PRI, although the outcome of the roundtable was uncertain, regulatory changes were likely.“SEC chair Jay Clayton has publicly stated his support of changes to the proxy voting process,” it noted in its briefing, which was aimed at supporting PRI signatories in submitting comment letters to the SEC in advance of the roundtable.The proxy debateHeated debate about proxy advisory firms and shareholder resolutions is not new in the US, but the context has changed.For one, shareholders have come under increasing pressure to use their ‘voice’, and many have been stepping up engagement with companies.According to non-profit environmental investment research provider CDP, over the past five years more than twice as many climate-related resolutions have been filed at oil and gas companies than in the preceding five years, and votes for shareholder resolutions relating to 2°C scenario analysis more than doubled between 2014 and 2018.And then there has been the emergence in recent months of a new front against proxy advisers and shareholder activism, or active ownership.Launched in May by former White House special adviser David Banks, the Main Street Investor Coalition (MSIC) has been mounting a challenge to what it refers to as institutional investors “playing politics with other people’s money”.The group comprises several organisations, including the National Association of Manufacturers (NAM) and the American Council for Capital Formation.In a statement announcing its launch, the coalition said the focus of shareholder proposals at annual general meetings had shifted “from improving business performance and financial returns, to advancing social or political causes”.“Unfortunately,” it added, “the vast majority of retail investors have no ability to influence what’s being done supposedly on their behalf – or even know that it is happening.” Announcing the roundtable in July, SEC chairman Jay Clayton said many changes had taken place since the regulator last consulted on the US proxy system in 2010, and that the event would focus on whether the SEC’s proxy rules should be refined. The Principles for Responsible Investment (PRI) has raised the alarm: the shareholder voting process is threatened in the US.It issued the warning in a briefing on a roundtable discussion taking place tomorrow, Thursday, at the headquarters of the Securities and Exchange Commission (SEC) in Washington, DC.After opening statements from the regulator, the event will unfold across three panels.Investors, issuers, lawyers, proxy advisers, and other market participants will discuss the mechanics of proxy voting and the use of technology in the voting process, shareholder engagement through the shareholder proposal process, and the role of proxy advisory firms.center_img Credit: SECSEC headquarters, Washington DCESG investing under threat?The coalition has caused quite a ruckus. The PRI has suggested the group was behind “an effort to weaken ESG investing”. The global head of sustainable investing at Morningstar has described it as an “absolute swamp creature”. The CEO of sustainability advocacy organisation Ceres has criticised it for being false and wrong, and influential corporate governance specialists have also strongly criticised the organisation.“MSIC uses inflammatory language, unsupported assertions, and out-and-out falsehoods to try to discredit the institutional investors who file and support non-binding shareholder proposals,” wrote Nell Minow, vice-chair of ValueEdge Advisors, shortly after the coalition’s launch.In addition, in the summer, two big US pension funds – CalSTRS and the New York Common Retirement fund – joined forces with Walden Asset Management to write to company executives sitting on the executive committee of the NAM, asking them to question its partnership with the coalition.While the MSIC’s stated mission to bring a voice to retail investors was laudable, the investors wrote, its underlying assumption was “deeply flawed”.“The MSIC perpetuates the myth that incorporating environmental, social and governance factors inherently conflicts with protecting and advancing shareholder value,” the investors said.Investor support for shareholder proposals was growing both at the retail and institutional level, and generally this was because “the business case behind the resolution is clear and convincing”, they wrote.In a comment to the SEC ahead of Thursday’s roundtable, Walden’s Tim Smith, director of ESG shareowner engagement, said it was “timely and relevant to respond to erroneous campaigns” by NAM and other industry groups.This, it would seem, is one to watch.last_img read more

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Area Boys Basketball Scores (2-25)

first_imgWRBI Area Boys Basketball Scores  (2-25)Madison  68    South Ripley  52Franklin County  61     South Dearborn  54Morristown  80     Oldenburg Academy  38Milan  76     Shawe Memorial  49Union County  56     North Decatur  34South Decatur  70     Medora  59Connersville  49     Greenfield-Central  33Knightstown  65     Hauser  56Triton Central  47     Waldron  46last_img

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MainSource Bank Honoring Veterans

first_imgGREENSBURG, iND. — MainSource Bank in Greensburg announced it is holding a Veterans Day Open House today.MainSource has decorated their lobby, which includes a display set up by the Decatur County Historical Society.As part of the open house, the bank will offer coffee, dounuts, snacks, and cookies for customers and guests.last_img

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Barrage leaves Burn cross-eyed

first_img “I have always had a plan in my head that I wanted to play in the Premier League at a certain point but I’m way ahead of that,” said Burn. “By rights, I should still be at Birmingham, so, to get this chance, and receive the backing of the manager and the lads is amazing.” Despite the euphoria at a draw that seemed certain to be a win as United laboured to recover from Steve Sidwell’s opener, Fulham remain anchored to the foot of the table, three points adrift of safety. And the tasks do not get any easier for them given in-form Liverpool are the visitors to Craven Cottage on Wednesday. It will be a special game for Lewis Holtby, given his dad is a huge Everton fan. Not that he has given it much thought after stepping into a survival battle from Tottenham. “I am thinking about Fulham – I just want to stay up,” said Holtby. “I am definitely looking forward to Wednesday, everyone is. “We are going to need the same focus because a team like Liverpool have the confidence to destroy you, as we saw against Arsenal. “We did our jobs against Manchester United though, and we have the confidence to survive against Liverpool too.” Later on Monday, Fulham felt moved to publish their own interview with Burn in which the defender “clarified” his comments regarding United’s tactics. “I didn’t mean that quote to sound as disrespectful as it’s been reported,” Burn told the club’s website. “There were a lot of crosses, statistically more than any game since stats started, so I just joked that I hadn’t headed as many balls since the Conference.” Manchester United knocked an incredible 81 crosses into the Fulham box – and scored from none of them as Darren Bent struck deep in stoppage-time to clinch a 2-2 draw for the Premier League’s bottom team. Six foot seven inch Burn cleared on 22 occasions, his sheer size underlining the futility of a tactic that raises question marks over David Moyes given he has such gifted technical players in his ranks. It was certainly meat and drink for Burn, who up until four years ago was plying his trade outside the Football League with Darlington. “I’ve never headed that many balls since the Conference,” he said. “We knew that was going to happen and I was happy for them to play like that. “I’m six foot seven. It helps when dealing with those sort of balls. “When we started dropping further back we wanted to get more compact and make them play around us because we had the strength in numbers. “Manchester United still have amazing players – on another day they could have scored more often but we defended really well.” Burn’s first trip to Old Trafford is part of a steep learning curve for the 21-year-old, who joined Fulham in 2011, since when he has had spells on loan at Yeovil and Birmingham. He was recalled from a season-long loan at St Andrews in January, and new Cottagers chief Rene Meulensteen has shown plenty of faith in the north-easterner, on Sunday selecting him ahead of Brede Hangeland. Press Association Fulham defender Dan Burn thought he was back in the Conference with all the crosses he had to deal with at Old Trafford on Sunday.last_img read more

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Ireland pair Devin Toner and Paul O’Connell wary of Italy captain Sergio Parisse

first_img Italy hope captain and linchpin Parisse will finally recover from a calf haematoma to make his bow at this World Cup against Ireland at London’s Olympic Stadium next weekend. Ireland will secure quarter-final qualification with victory over Italy on Sunday, and would then target beating France to top Pool D and tee up a likely last-eight meeting with Argentina. Ireland fear Sergio Parisse could “change the dynamic” of their pivotal World Cup battle with Italy. Lock Devin Toner expects Parisse’s presence to alter the entire complexion of the Italy clash, with captain Paul O’Connell warning his team-mates of the Stade Francais star’s high-class qualities. “Parisse would definitely change the dynamic,” said Toner. “He controls the lineout, he owns it, he calls it, so he’s a real threat if he does play. “But he’s the talisman, he spurs everything good about Italy. “So if he does play it would be a coup for them. “You never want to see players injured of course. “I’m sure the neutrals want to see him play but I don’t know if we do, to be honest.” Ireland eased past Romania 44-10 at Wembley on Sunday, racking up six tries to move top of Pool D with two bonus point victories now under their belts. Keith Earls equalled Brian O’Driscoll’s record of seven World Cup tries for Ireland with a brace, before suffering a head-injury scare. Tommy Bowe crossed twice too, with Rob Kearney and Chris Henry completing the rout. Ireland expect Earls to be free to face Italy without issue, after he passed a pitchside Head Injury Assessment (HIA). Leinster lock Toner produced a strong showing in response to being dropped for the 50-7 victory over Canada, putting pressure on boss Joe Schmidt on the selection front for Italy. Squad captain O’Connell stepped off the bench for the final quarter, and will approach the Italy clash with caution. “There’s probably a bit of a mind-shift now over the next two weeks, playing two Six Nations teams in those two weeks and two teams who know us very well,” said O’Connell with Italy and France to come. “We know them very well too and we’ve had very close games with France in the last two years and have been lucky enough to beat them. “With Italy in Rome we were lucky enough to beat them too. “It’s two massive games ahead now. “Parisse makes a massive difference for them, he’s obviously a world-class player. “A lot of their defensive and attacking lineouts run around him, we talked today about having 100 per cent set-piece – it’s going to be a lot harder to do that against Italy. “Around the field he can produce that something different, that maybe the teams in the last two weeks haven’t had. “So we’ve got to be ready for that.” Press Associationlast_img read more

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Cricket News IPL 2019: Rajasthan Royals appoint Steffan Jones as fast bowling coach

first_imgNew Delhi: Rajasthan Royals have appointed former England county pacer Steffan Jones as their fast bowling coach for the 2019 edition of the Indian Premier League. Jones, who played for several counties in a 14-year career, took 387 wickets at an average of 36.87. Despite consistent performances, including 59 wickets in the 2006 season for Derbyshire, Jones never managed to make the England cricket team. In addition to Derbyshire, the 44-year-old has played for Somerset, Northamptonshire and Kent. In 2011, he decided to turn to coaching and he coached Derbyshire and Somerset. However, he is best known for working with the likes of Dan Christian and Stuart Broad during his short tenure with the Hobart Hurricanes in the Big Bash League.Read More |Ramesh Powar gets no extension, BCCI invites applications for coachIn fact, Broad put out on his Twitter page that during his time with Hobart Hurricanes, he was blessed to get the services of Jones. On his Twitter handle, he wrote, “I have been lucky to work with some great bowling coaches and big Steffan Jones is right up there. Amazing knowledge and a top man.”Read More |Dinesh Karthik’s monkey cap creates a unique fashion statementsSpeaking on the appointment of Jones, Rajasthan Royals’ Head of Cricket Zubin Bharucha said, “Jones thinks differently, and that is what we love at the Royals. His research into other sports is extremely interesting and his data and sports science focus meant he was a perfect fit for RR. Jones brings in a fresh perspective to the art of fast bowling and we are excited to have him at Rajasthan Royals.”Jones, on the other hand, expressed his satisfaction for being picked in the IPL franchise. “It is a privilege for me to get this role and work with one of the best T20 teams in the world. Rajasthan Royals have a great culture of unearthing new talent and developing its cricketers which I am excited to be a part of,” Jones said.Sporting pedigreeJones is currently director of Sports Performance and Wellbeing at Wellington School in Somerset. He was also a part-time scout for Surrey. He has a Sport and Exercise Science BSC (Hons) at Loughborough University and a PGCE in PE from Cambridge University. He has also played Rugby professionally.In addition to his bowling, Jones also has two first-class centuries to his name, including one against New Zealand in 1999. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more

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Windies Women overpower Sri Lanka in ODI opener

first_imgTAROUBA, Trinidad, (CMC) – West Indies Women overpowered Sri Lanka Women by six wickets to take a 1-0 lead in their three-match One-Day International series here Wednesday.Playing at the Brian Lara Stadium, they easily chased down 137 with 11 overs to spare, securing the result which handed them an important two points in the new round of the ICC Women’s Championship.Former captain Merissa Aguilleira top-scored with an unbeaten 32 while Chedean Nation got 24 and Deandra Dottin and Hayley Matthews, 22 apiece.Left-arm spinner and captain Inoka Ranaweera claimed two for 27.However, Matthews and Nation started the recovery effort by posting 42 for the third wicket. Matthews faced 64 balls and counted two fours while Nation faced 46 deliveries and gathered three fours.Matthews was forced off hurt in the 20th over and Nation followed 16 balls later, to leave the hosts on 61 for three in the 23rd over.Aguilleira then anchored two stands to see Windies Women to a comfortable win. The right-hander produced a busy innings off 48 deliveries with a single four, putting on 34 for the fourth wicket with Dottin before adding a further 43 with Kyshona Knight (21 not out) in an unbroken fifth wicket stand.Earlier, the visitors were dismissed for 136 with two balls left in the innings, after winning the toss and opting to bat.They were undermined by off-spinners Matthews (3-18) and Taylor (3-24), along with leg-spinner Afy Fletcher (3-42) all of whom grabbed three wickets each.Opener Yashoda Mendis top-scored with 34 off 72 balls while Dilani Manodara scored 28 not out and Chamari Atapattu, 25.The innings was in good stead at 63 for one in the 24th over, with Atapattu and Mendis involved in a 41-run second wicket partnership.But once Matthews had Atapattu caught and bowled, the Sri Lankans collapsed with the last nine wickets tumbling for 73 runs.last_img read more

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Commission urges industry to act on advertising warnings

first_img StumbleUpon Gambling Commission programme director Ian Angus has emphasised the need for “a proper and constructive debate about gambling marketing and advertising, including sponsorship arrangements in sport”.Angus’ recommendations come after Labour Party deputy leader Tom Watson mapped out the party’s policies on heightening gambling marketing restrictions, aiming to replicate the ‘whistle-to-whistle advertising ban’ introduced in Australia at the start of 2018. Which would mean prohibiting all promotion of betting-related content during the broadcasts of live sporting events. Speaking at a Responsible Marketing for Gambling Operators Conference in London, Angus highlighted that: “At a time when consumer trust in gambling is at an all time low, it would be unwise for industry to ignore the hardening public and political mood around advertising. “For some, it’s a moral reaction; for others it’s an irritant (stop bombarding me with gambling ads); but for many, including a growing number of researchers and academics, it reflects a genuine concern about the unknown impacts of children’s exposure to gambling advertising and sport sponsorship.”He added: “It’s difficult to see how the “as is” scenario is sustainable. Parliamentary questions on advertising are tabled almost weekly, media headlines scream about irresponsible marketing practices, and prominent politicians, from across the political divide, are calling for drastic measures to reduce children’s exposure.”Angus went onto highlight how the industry has let itself down with regards to free bet and bonus marketing: “The advertising of free bets and bonuses is a good example. Well established advertising rules, drawn down from consumer law, make clear that marketing promotions must not mislead. Industry was warned, time and time again, about misleading marketing practices but failed to act. “It should never have taken a series of ASA rulings, a million pounds worth of financial penalties from the Commission and a major investigation, followed by enforcement action, by the Competition & Markets Authority, to secure sector-wide compliance. It’s done incalculable damage to the industry’s reputation and it could, and should, have been avoided.”Looking ahead, he stated: “My advice to you is this. A storm is gathering, but it can be avoided. Learn from the mistakes of the past – listen to what the public is saying and put responsible advertising standards at the very heart of your business.“Don’t wait for the storm clouds to burst and precautionary measures to be triggered. Step up now and own this.” Submit Share UK gambling adopts toughest online advertising code to protect underage audiences August 27, 2020 Related Articles Share ASA monitoring sweep marks gambling as the worst underage advertising offender August 26, 2020 Gambling.com maintains momentum against COVID-19 impacts August 19, 2020last_img read more

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Ernest Thompson joins CK Akunnor in blaming Hearts board for club’s woes

first_imgErnest Thompson has blamed the current board of directors for the club’s poor run this season.Hearts are struggling in the First Capital Plus Premier League as they lie 12 with 26 points. There is a high possibility that they’d end the season without a major title – extending their barren streak to six years – after Medeama knocked them out of the MTN FA Cup on Sunday at the semi-final stage.Fans have been calling for the head of coach Herbert Addo, a wish which was granted on Tuesday afternoon, but Ernest Thompson blame lay elsewhere.“Do they have that time and commitment for the club, just look at the previous matches and ask yourself how many of these directors have you ever seen coming to watch the club playing and therefore get a feel of what is going on with the club right on the pitch,” the former Board Secretary told Happy FM.“Majority of the directors are too far away from the club, it is one thing been in the board room and getting so close to team. How many of the board members have even visited the team?”A week ago, former coach Charles ‘CK’ Akunnor expressed similar sentiments on Joy FM’s Monday show, Sports Track.   “What have they been doing? They’ve been there all these years and they talk about recruitment and everything. They are still there and they recruit the so called bad players and all that. What are they doing?“This is a failure that they have not paid the players for three months. Even if it is one month, it is a failure. Not on the part of the coach but on the part of the board members and management. It is a failure,” Akunnor told Joy FM at the time.Hearts now have the arduous task of getting into a respectable place before the season ends in nine games time, in addition to choosing a new coach who can excite fans again.–Follow Joy Sports on Twitter: @Joy997FM. Our hashtag is #JoySportslast_img read more

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